2nd Jul 2015 06:54
LONDON (Alliance News) - Coal of Africa Ltd on Thursday said the sale of its Mooiplaats Colliery asset in South Africa to Blackspear Capital has been cancelled and said it now in talks to find another buyer.
Coal of Africa's sale of the colliery asset was agreed earlier this year but has been delayed on two occasions to allow more time for Blackspear to provide proof of funding to back the ZAR250 million sale.
The deadline for the offer had been extended to June 30, but this has now lapsed and will not be extended further, Coal of Africa said.
It said it is in talks with a number of parties on the sale of the Mooiplaats asset and remains in talks with Blackspear, which is still trying to secure funding.
By Sam Unsted; [email protected]; @SamUAtAlliance
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